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Troika Report from Mission to Greece

The EU, ECB and IMF mission to Greece said in a report obtained by Reuters on Wednesday the next disbursement of aid could not take place until it corrected the under-financing in its adjustment program. Greece’s recession will be deeper and longer than projected.
The report highlights the degree to which Greece had fallen short of the targets set for it in last year’s agreement with the official creditors, which was the basis for a EUR110 billion rescue package. Greece’s failure to meet those targets is now forcing creditors to come up with a supplementary plan.
The report said that the government’s reform efforts had ground to a halt in recent months, and that the government had only met its numerical targets on the budget deficit in the first quarter by not carrying out its spending obligations and allowing arrears to rise, notably in the health system. It also said that the fortunes of the country’s banks remained almost entirely dependent on the government honoring its debts.
“After a strong start in the summer 2010, reform implementation came to a standstill in recent quarters,” the report laments.

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